11 Jul 2016 09:06
MOD Resources Limited ABN 78 003 103 544 | First Floor, 1304 Hay Street, West Perth WA 6005 | PO Box 1927, West Perth WA 6872
ASX code: MOD | T +61 (8) 9322 8233 | F +61 (8) 9322 8077 | E administrator@modresources.com.au | www.modresources.com.au
Metal Tiger Plc
11 July 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Positive Botswana Assays and Resource Envelope Expansion
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed investor in strategic natural resource opportunities is pleased to provide an update with regard to the diamond drilling programme at the Company’s Joint Venture (“JV”) project with partners MOD Resources (ASX:MOD) in the Kalahari Copper Belt in Botswana (70% MOD Resources / 30% Metal Tiger).
Technical highlights in respect of progress on the Target 3 (T3) Prospect, Phase 1 Resource Diamond Drilling Programme (the “Resource Programme”) are provided below. In addition we would refer to the announcement released today by MOD Resources which contains images and diagrams that may assist readers in an understanding of the project and the drilling being undertaken. This announcement can be viewed through the following link. Please note that in the linked MOD announcement the results reported today for hole MO-G-14D should be disregarded; the single MO-G-14D intercept was correctly reported by MOD on 6 July 2016.
http://search.asx.com.au/s/search.html?query=mod&collection=asx-meta&profile=web
Paul Johnson Chief Executive Officer of Metal Tiger commented “We are very happy to report another batch of strong copper intercepts from the resource drilling programme on our Botswana joint venture. Hole MO-G-16D has been especially exciting, being the strongest resource hole drilled to date, with an average 3.2% copper over 27.5m and almost 62m of significant copper mineralisation in total.
We also note that the results for MO-G-13D, the most easterly of the diamond holes yet drilled, points to mineralisation continuing to the east outside of the current resource drilling envelope which now measures 1km wide.
We look forward to reporting continuing progress from Botswana as further data becomes available.”
Highlights:
Resource Programme Progress
Assay results have been received for a further four diamond drill (DD) holes (MO-G-13D, MO-G-15D, MO-G-16D & MO-G-17D) within the Resource Programme area. Plus results for additional intercept in the upper levels of MO-G-12D, effectively doubling the mineralisation reported for this holes on 6 July 2016. Diamond drill hole MO-G-16D has provided the strongest copper intercepts of the Resource Programme to date, with 27.5m @ 3.2% Cu and 13g/t Ag from 134m including bornite veins yielding high grade assay of 0.8m @ 45.4% Cu and 119g/t and other positive assays between 4.9% and 8.7% Cu. If an arbitrary upper cut-off of 15% Cu is applied to this intersection, it becomes 27.5m @ 2.3% Cu and 13g/t Ag which still compares very favourably to other copper deposits on a global scale. MO-G-13D is the most easterly hole yet drilled in the current Resource Programme, its 16.8m @ 1.4% Cu and 5g/t Ag from 177m suggests that mineralisation is still open to the east. With the results from this hole the size of the resource area effectively increased from 800m to 1km across. Mineralisation also remains open down-dip. 23 DD holes have now been completed and 5 DD holes are in progress within the Resource Programme. With 3 diamond drill rigs in operation on the Resource drilling, the work is on track to complete a maiden Resource in Q3 2016. Key results for latest down-hole intersections include: Hole MO-G-12D 18.4m @ 1.4% Cu & 9g/t Ag from 68.0m (new interval) 17.2m @ 1.4% Cu & 14g/t Ag from 103.9m (reported 6 July 2016) Hole MO-G-13D 16.8m @ 1.4% Cu and 5g/t Ag from 176.8m Hole MO-G-15D 14.0m @ 1.3% Cu and 12g/t Ag from 87.0m 7.8m @ 0.8% Cu & 8g/t Ag from 119.6m Hole MO-G-16D 34.3m @ 1.2% Cu & 11g/t Ag from 87.7m, including: 5.0m @ 2.9% Cu & 49g/t Ag from 99.0m 27.5m @ 3.2% Cu & 13g/t Ag from 134.0m (or 27.5m @ 2.3% Cu & 13g/t Ag from 134.0m with the 45.4% Cu interval cut to 15% Cu) Hole MO-G-17D 10.0m @ 1.3% Cu & 6g/t Ag from 98.0m 18.0m @ 1.2% Cu & 8g/t Ag from 114.0mAll holes were designed to intersect the northerly dipping mineralisation at depth, and are orientated with a azimuth of 160deg and dip of 60deg. MO-G-012D reached a down hole depth of 158m, MO-G-13D reached 272m, MO-G-15D reached 167m, MO-G-16D reached 182m and MO-G-17D reached 182m.
There is good correlation of intercepts, thus continuity of mineralisation, between holes MO-G-15, MO-G-16D and MO-G-17D which are located on the same E-W profile at 100m spacing.
A table of the drill collar locations is provided in the MOD release referenced above. Results from the continuing drilling programme will be released as they become available following geological interpretation.
T3 Prospect Expansion
The fourth diamond drill rig and the reverse circulation (RC) drilling rig continue to test the developing pipeline of anomalies elsewhere in the T3 Prospect area. These anomalies are being identified from the ongoing soil sampling and induced polarisation (IP) geophysics survey.
Current Exploration Programme Plan
The Resource drilling programme at T3 is concentrating on the current 1,000m strike length of the T3 deposit, delineating the upper (UZ) and lower (LZ) copper/silver mineralisation, from circa 60m vertical depth to 200m depth. The planned programme currently consists of a further 16 diamond core drill holes at 100m collar spacing (subject to assay results additional holes may be added to enlarge the Resource area envelope). Additional samples are to be taken to enable metallurgical testwork on the copper/silver mineralisation. The completion of the maiden Mineral Resource estimate for T3 is planned for Q3 2016.
Location
The T3 Prospect is located on the Kalahari Copper Belt in northern Botswana and is part of the MOD/MTR joint venture Botswana Copper/Silver Project. T3 is located approximately 70km NE of the project’s Tshimologo (T4) Prospect and is located parallel to the same structural trend known as the Mahumo Structural Corridor, that hosts MOD’s Mahumo Project (circa 20km NE of T3) and Cupric Capitals’ Banana Zone Deposit (60km NE) and Zone 5 Project (120km NE).
MOD outline details of the current exploration procedures being employed on the project (JORC 2012 Table 1), a drill plan and section and tabulated assay data in their news release dated 6 July 2016. The work is being managed on the ground by MOD’s Competent Person, Mr Jacques Janse van Rensburg, BSc (Hons), General Manager Exploration (Africa).
The technical information contained in this disclosure has been read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), who is a qualified geologist who meets the criteria of a qualified person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly has visited the T3 site and reviewed MOD’s drilling and sampling protocols and procedures. Mr O'Reilly is a consultant working for Mining Analyst Consulting Ltd which has been retained by Metal Tiger PLC to provide technical support.
For further information on the Company, visit: www.metaltigerplc.com:
| Paul Johnson (Chief Executive Officer) | Tel: +44 (0)7766 465 617 | ||||
| Terry Grammer (Non- Executive Chairman) | Tel: +44 (0)207 099 0738 | ||||
| Sean Wyndham-Quin Neil Baldwin Nick Emerson Andy Thacker | Spark Advisory Partners Limited (Nominated Adviser) SI Capital (Sole Broker) | Tel: +44 (0) 2033 683 555
www.sparkadvisorypartners.com Tel: +44 (0) 1483 413 500 |
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM Market (“AIM”) with the trading code MTR and invests in high potential mineral projects with a precious and strategic metals focus.
The Company’s target is to deliver a very high return for shareholders by investing in significantly undervalued and/or high potential opportunities in the mineral exploration and development sector timed to coincide, where possible, with a cyclical recovery in the exploration and mining markets. The Company’s key strategic objective is to ensure the distribution to shareholders of major returns achieved from disposals.
Metal Tiger’s Metal Projects Division is focused on the development of its key project interests in Botswana, Spain and Thailand. In Botswana Metal Tiger has a growing interest in the large and highly prospective Kalahari copper/silver belt. In Spain Metal Tiger the Company has tungsten and gold interests in the highly mineralised Extremadura region. In Thailand Metal Tiger has expanding interests over licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities.
The Company has access to a diverse pipeline of new opportunities focused on the natural resource sector including physical resource projects, new natural resource centred technologies and resource sector related fintech opportunities. Pipeline projects deemed commercially viable may be undertaken by Metal Tiger or by an ISDX or AIM partner with whom the Company is engaged.
Metal Tiger also has an Asset Trading Division that holds various financial instruments for trading purposes including equities, warrants and royalty income. The aim of the division is to generate profits to reinvest into the Company’s project based activities.
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